MGT 480 Domain 1 Study Guide PDF

MGT 480 – Domain 1 Study Guide What are the five process groups for projects and what is the definition of each? 1)Initiating -​ process required to launch a project -​ “agrees to hire a company” 2)Planning -​ Defining and planning the extent of project + how it will be executed 3)Monit...

MGT 480 – Domain 1 Study Guide What are the five process groups for projects and what is the definition of each? 1)Initiating -​ process required to launch a project -​ “agrees to hire a company” 2)Planning -​ Defining and planning the extent of project + how it will be executed 3)Monitoring and Controlling Process Group -​ PM makes sure expectations are kept in check -​ stage client might change things and the budget is adjusted 4)Executing -​ Process related to completion of a project activities and tasks 5)Closing -​ finalize and complete -​ client signs off on the project Define each of the following: Risk – uncertain event if it occurs has positive or negative effect ​ plan in advance Issue – current condition that may have an impact on project objectives ​ occurs while project is being executed Constraint – Limiting factor that affects the execution ​ Accounted for in advance Assumption - factor that is considered to be true without proof Define each of the following: Portfolio –projects/program operations managed as a group to achieve strategic objectives (different type of projects in different locations) Program – related projects, managed in a coordinated manner to obtain benefits that can’t have if it were alone (construction of a neighborhood) Project – temporary endeavor for unique product/service/result. Beginning and an end. Stand alone or a part of a program/portfolio. (Single home) What are the five stages of team development defined in Tuckman’s Ladder and what is the definition of each? Will have a scenario 1)​ Forming a)​ Establishing ground rules. Formalities preserved + strangers 2) Storming -​ Communicate feelings, resist control and show hosility 3)Norming -​ Apart of the group, can not achieve goals without seeing other viewpoints 4)Performing -​ Open and trusting atmosphere, flexibility is key and hierarchy is little importance 5)Adjourning -​ Conducts assessment, transitions roles, recognizing members contributions What is the definition of a project stakeholder? Person, group, org that may be affected or be affected by or perceive itself to be affected by project What is an example of a project stakeholder? CEO of company hiring the PM What is a Project Management Office? Portfolio,program, or project management office. Standardized process + how to share resources What is a predictive project? -​ Requirements are defined -​ significant investment or high risk -​ well laid out plan What is an adaptive project? -​ uncertainty and volatility -​ starts with vision but requirements change -​ Incremental -​ Planning scope with each iteration -​ does not know what the customer wants -​ What is a milestone when used in a schedule? Signifies completion Zero duration What is an activity when used in a schedule? Amount of time to complete it What is a deliverable in a schedule? Deliverable are not in the schedule What is Project Controls? Planning, scheduling, reporting, change control, progress and productivity, cost control What is the name of the Project Management Institute certification we are preparing for in this class? PMI What is the definition of a project? temporary endeavor for unique product/service/result. Beginning and an end. Stand alone or a part of a program/portfolio. (Single home) What are the attributes of a project? Temporary Create a unique product, service or result Beginning and an end What is the Project Management Institute Code of Ethics and Professional Conduct? This Code of Ethics and Professional Conduct describes the expectations that we have of ourselves and our fellow practitioners in the global project management community. It articulates the ideals to which we aspire as well as the behaviors that are mandatory in our professional and volunteer roles. The purpose of this Code is to instill confidence in the project management profession and to help an individual become a better practitioner. We do this by establishing a profession-wide understanding of appropriate behavior. What are the four pillars of the PMI Code of Ethics and Professional Conduct? Responsibility, Fairness, Respect, Honesty What are the three elements in the iron triangle of project management? Scope, Schedule, Budget What is at the center of the iron triangle of project management? Quality What elements would you expect to find in a Project Management Plan? Change control plan Communications management plan Cost management plan Procurement management plan Quality management plan Requirement management plan Resource management plan  Risk management plan Scope management plan Schedule management plan Stakeholder engagement plan Startup and test plan What is a Gantt chart? -​ chart that helps scheduling, managing, and monitoring. Shows the progress of events What is the definition of resources in a project and what are some examples? Necessary asset to help carry out a certain task person,team,tool,finances, time What elements would you expect to see in a Risk Register? Person responsible, probability, impact, mitigation actions What are the three elements in the Project Management Institute Talent Triangle? Ways of working (How to do job) Business acumen (be better) Power Skills (how to help others achieve goals) What are some examples of each attribute of the Talent Triangle? 1) scope, risk, performance management 2) market awareness, bus models, competitive analysis 3) Leadership, communicating, brainstorming, influencing What is the definition of a project sponsor? Provides decision leadership that is outside of the authority and position power of the project manager and project team What are some of the functions of a project sponsor? Decision leadership outside of the authority of PM. Big picture view of executive level of org. Secure resources, address issues outside of the teams authority examples … -​ Owner -​ Corporate -​ Financial -​ Government What are some key project initiation considerations? -​ Highlevel requirements -​ Business justificiation -​ Budget, duration, risks -​ PM role and authority  -​ Scope document -​ Written approval -​ Project plan What is emotional intelligence? -​ Ability to recognize your own emotions and others. Guides thinking and behavior -​ Social skills -​ Decision making -​ Empathy -​ Self-awareness -​ Self-regulation What are some considerations in meeting planning? -​ Correct type -​ Agenda -​ Manage time + mood -​ Keep order -​ Action items What are some examples of types of meetings you might encounter in the workplace? -​ Focus groups -​ Standup meetings -​ brainstorming -​ planning -​ research -​ update meeting What are some different types of organization structures? -​ Functional -​ matrix -​ projectized What is a Responsibility Assignment Matrix? -​ details stakeholders, clarifies responsibilities among cross-functional teams and involvement level What are the four elements typically included in a Responsibility Assignment Matrix? 1) Responsible 2) Accountable 3) Communicated 4) Informed What are Stage Gates and for what are they used? -​ PM technique that breaks large projects into stages with gates in between them/decision points along the way. At each point work is reviewed to see if it can move on to the next stage -​ They are used for large orgs with large projects Practice questions -​ high scope business case high level budget -​ project charter (high level is the key word) -​ Ldrship requested related projects or the PMO to grow rev -​ program (related is key word) -​ charter being created. Identifying stakeholders. What process group are you in? -​ initiating -​ creative new product new to the market. He get up and gets involvement from customers while its being made. What life cycle? -​ adaptive (does not know much about it) -​ class 2 -​ NOT example of project sponsor function -​ manage project day to day